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9 Cards in this Set
- Front
- Back
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Appointed Actuary's Report Purpose |
Give OSFI a comprehensive report documenting the work done by the actuary to calculate policy liabilities |
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Appointed Actuary's Report Intended Audience |
OSFI, Company Management, Regulators
Report should be generally understandable |
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Appointed Actuary's Report Reinsurance Disclosures |
-Dispute with reinsurer -Reinsurance collectible is significantly overdue -Reinsurer has a history of not settling accounts properly -Reinsurer is known to have been the subject of regulatory restrictions in its home jurisdiction -Reinsurer has poor credit rating |
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Appointed Actuary's Report Minimum considerations - Claims Liabilities |
-Trends in frequency & severity -Important changes in coverage -Changes in cost of reinsurance -Changes in lags in reporting and payment -Change in loss reserving practices -Effects of regulatory changes |
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Appointed Actuary's Report Premium Liabilities - must comment on |
-Expected losses, loss expenses and servicing costs on in force policies -Anticipated broker/agent commission -Expected adjustments to swing-rated policies -Expected changes to premiums due to audits, late reporting, endorsement -Expected commission adjustments on policies with variable commission |
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Appointed Actuary's Report DCAT Disclosures |
-Date DCAT signed by Actuary -Date DCAT presented -To whom DCAT was presented -Presentation in person or written -ate used as the start of the projection period in DCAT report |
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Appointed Actuary's Report Filing Deadline |
60 days after fiscal year end |
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DCAT filing deadline |
Earlier of -30 days after presentation to the Board, audit committee or chief agent, or -1 year after fiscal year end |
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Peer Review Report - filing deadline |
30 days after its transmission to the Board, Audit Committee or Chief Agent |
